Binance burned $676 million worth of BNB

Cryptocurrency exchange Binance held its twenty-third quarterly Binance Coin (BNB) token burn. 2.02 million coins worth over $676 million were withdrawn from circulation.

In 2017, the company launched a burn program with the goal of withdrawing 100 million tokens from circulation, half of the total supply. From 2021, the number of coins to be removed is automatically calculated using the Auto-Burn formula.

Of the total volume of coins withdrawn from circulation in the quarter, 656 BNB came from the Pioneer Burn program.

As part of the previous round in January 2023, Binance burned 2.06 million coins worth over $575 million.

In March, the BNB Chain community submitted a proposal to reduce transaction fees in the BSC consensus protocol for consideration.


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